At Fundriver, we know that our accounting colleagues in the nonprofit world are committed to staying up to date with the very latest guidelines and guidance in the field. That is why we work hard to ensure that our software solutions are in step with the very latest Financial Accounting Standards Board (FASB)’s accounting standards updates (ASU). We want to make sure you and your entire team have all the resources you need to make your work efficient, effective and pain-free.
In our May 2022 product enhancement deployment, Fundriver released a suite of revised ASU reports within Balance to comply with guidance on this standard. The revisions are related to recommendations on how pledges are to be handled within the ASU reports. A brief description of how pledges factor into each of our standard ASU reports can be found below in the Balance ASU 2016-14 Standard Reports section. These revised ASU 2016-14 reports included both pledge activity and pledge balances, based upon NACUBO guidance. You can find their Accounting Tutorial, What Activity Should be Included in the Endowment Roll-forward, here. For clients that do not use Fundriver Balance to track pledges, these new reports have no impact to you.
If pledges are tracked outside of Fundriver Balance and it is preferred to include them within a footnote, we encourage the reports be exported to Excel and the pledges added manually, outside of the Balance system.
Read all the details and see the latest frequently asked questions HERE! As always, if you have additional questions, don’t ever hesitate to contact our incredible client support team. In the meantime, read on :)